The Financial Conduct Authority has introduced Firm Checker, a new consumer-facing verification tool designed to curb the rising scale of investment and pensions-related scams. With FCA research indicating that around 800,000 people reported losses to scams in the 12 months to May 2024, the launch represents a significant escalation in the regulator’s strategy to shield consumers from sophisticated fraud tactics. Firm Checker enables users to confirm whether a financial servi

The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has imposed a civil money penalty of $3.5 million on Paxful Inc. and Paxful USA Inc. after identifying extensive and prolonged breaches of the Bank Secrecy Act. The peer-to-peer virtual currency platform facilitated more than $500 million in suspicious transactions linked to illicit actors and high-risk jurisdictions, including Iran, North Korea, and Venezuela, as well as payments associated with B

The Financial Crimes Enforcement Network (FinCEN) has released a new Financial Trend Analysis examining ransomware activity captured in Bank Secrecy Act reporting between 2022 and 2024. The analysis identifies more than 2.1 billion dollars in ransomware payments over the three-year period and confirms that 2023 marked an unprecedented peak in both reported incidents and associated financial losses. According to FinCEN Director Andrea Gacki, timely suspicious activity reportin

The Justice Department has announced the seizure of tickmilleas.com , a fraudulent web domain linked to the Tai Chang scam compound in Kyaukhat, Burma. The site posed as a legitimate cryptocurrency investment platform and was used to lure victims into depositing their funds, which were then diverted through sophisticated fraud and money laundering schemes. The action forms part of the accelerating crackdown on cryptocurrency investment fraud, a threat that continues to genera

The Financial Conduct Authority has delivered its first-ever enforcement action against a professional body supervisor, publicly censuring the Institute of Certified Bookkeepers for significant and prolonged failings in its anti money laundering supervision. As the body responsible for overseeing the AML compliance of more than 3,000 bookkeepers under the Money Laundering Regulations 2017, the Institute’s shortcomings created heightened risks of money laundering exposure acro

FinCEN has issued a new alert highlighting the growing financial crime risks associated with cross-border funds transfers conducted by illegal migrants within the United States. The alert, published on 28 November 2025, urges money services businesses to strengthen controls and heighten vigilance around remittances that may involve illicitly obtained funds, particularly where indicators point to unlawful employment or other criminal activity. The Treasury emphasises that MSBs

The Financial Conduct Authority has launched criminal proceedings against two individuals accused of insider dealing linked to the proposed takeover of GCP Student Living Plc. The case highlights the regulator’s continued focus on market abuse, a central pillar of its five-year strategy to strengthen trust and integrity across the UK’s financial markets. According to the FCA, Bobosher Sharipov, formerly employed at Jefferies International Limited, allegedly disclosed confiden

The Financial Conduct Authority’s decision to accept RegTech platform Eunice into its Regulatory Sandbox marks an important step in strengthening the transparency and integrity of the United Kingdom’s crypto markets. As criminal exploitation of digital assets continues to evolve, the creation of standardised, industry-led disclosure templates represents a significant opportunity to raise market standards and improve investor protection. Eunice’s work with leading crypto firms

The sentencing of Colombian national Michael Nunez Daza highlights the continuing threat posed by sophisticated transnational money laundering networks that exploit U S banks to clean drug trafficking proceeds. As the leader of a long-running organisation spanning Colombia, Mexico and the United States, Nunez Daza relied on bulk cash pickups, third-party bank accounts and rapid cross-border fund transfers to disguise the origin of illicit proceeds and repatriate value to cart

The latest Financial Action Task Force (FATF) update underscores a rapidly shifting global landscape for anti money laundering, counter terrorist financing, and counter proliferation finance compliance. FinCEN has urged financial institutions to reassess their risk exposure in light of FATF’s revised lists, with particular emphasis on continued countermeasures against Iran and the DPRK. The October FATF plenary removed Burkina Faso, Mozambique, Nigeria, and South Africa from

The guilty plea of Mississippi businessman Willie De Gibbs highlights yet another major fraud operation exploiting weaknesses in Medicare oversight and the wider US health care reimbursement system. Gibbs admitted to orchestrating a $19 million scheme centred on the purchase of fraudulent doctors’ orders and the systematic billing of medically unnecessary orthotic braces through seven durable medical equipment (DME) companies. By operating through both personally owned entiti

The indictment of South Florida Congresswoman Sheila Cherfilus McCormick presents a significant financial crime case involving the alleged theft of $5 million in FEMA disaster relief funds. Prosecutors claim the congresswoman and several co defendants engaged in a multi layered scheme involving fraud, money laundering, and illegal campaign contributions, all linked to Covid 19 emergency funding. The allegations highlight the ongoing risks of financial crime within public sect